Finance Minister Unveils Budget Highlights for 2024-25

Finance Minister Nirmala Sitharaman proposed reductions in basic customs duty on gold, silver, and platinum, while increasing it on specified telecom equipment. She also announced the setup of e-commerce export hubs for MSMEs and expanded exemptions on capital goods for solar cell manufacturing.

Finance Minister Nirmala Sitharaman on Tuesday unveiled key proposals in the Budget for 2024-25, including a reduction in basic customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent.

Sitharaman announced the removal of basic customs duty on ferronickel and blister copper while raising it to 15 per cent from 10 per cent on specified telecom equipment. The gems and jewellery industry has long awaited the reduction in customs duty on precious metals.

Further proposals include reducing customs duty on certain brood stocks, shrimps, and fish feed to 5 per cent. Conversely, customs duty on ammonium nitrate will be raised to 10 per cent and on non-biodegradable plastics to 25 per cent. Sitharaman also highlighted the establishment of e-commerce export hubs in PPP mode to aid MSMEs in selling their products globally, and the expansion of exempted capital goods used in manufacturing solar cells and panels.